Utah Admin. Code R123-5-3 - Reporting Standards and Requirements
1.
The audits of all entities required to have an audit made by Section
51-2a-201
shall be performed in accordance with Government Auditing Standards most
recently published and issued by the Comptroller General of the United
States.
2. The Office shall adopt
and maintain a compliance audit guide containing those fiscal laws and
compliance requirements for state funds distributed to, and expended by,
political subdivisions and governmental nonprofit corporations. This compliance
audit guide may specify:
a. the general
compliance requirements applicable to all political subdivisions and
governmental nonprofit corporations, and the audit requirements applicable to
general compliance requirements,
b.
the format for the auditor's statement expressing positive assurance with state
fiscal laws identified by the Office, and
c. those items related to internal controls
and other financial issues which shall be included in the auditor's letter to
management that must be filed with the Independent Auditor's Report in
accordance with the compliance audit guide maintained by the Office.
3. All entities required to have
an audit made by Section 51-2a-201 shall have performed the financial audit and
a state compliance audit in accordance with the compliance audit guide
maintained by the Office.
4 . The
guidelines, criteria, procedures, and reporting requirements for all accounting
and compliance reports required to be submitted to the Office are posted on the
Office's website.
Notes
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